Elon Musk will not be joining Twitter’s board of directors, Elon Musk had been willing to join the board of directors, but it would no longer happen, according to Twitter CEO Parag Agrawal.
According to CEO Parag Agrawal’s tweet, Elon Musk has decided not to join Twitter’s board of directors. This comes only days after Agrawal announced Musk’s appointment to the board of directors on April 5.
“Elon Musk has decided not to join our board,” said Agrawal. “Here’s what I can share about what happened.
“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best. We have and will always value input from our shareholders whether they are on our board or not. Elon is our biggest shareholder and we will remain open to his input.”
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Elon Musk followed up with this tweet, which had only one emoji: a face with closed eyes and hand over mouth. It has subsequently been removed from the site.
According to a Securities and Exchange Commission filing, the Tesla CEO purchased a 9.2 percent investment in the social networking site on March 14. Musk has become the social network’s largest shareholder as a result of his stock acquisition.
Musk has tweeted about the company’s role in protecting free speech and questioned if the social network is “dying” after his ownership went public. Many speculated that the rush of activity meant Musk would push for change at the firm, which is behind peers like Facebook, TikTok, and Instagram in terms of subscribers and engagement.
Based on Twitter’s closing price on Friday, Musk’s shares are worth $2.89 billion.
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